Turkey: Oil Product Tankers Must Have Insurance From February 6

Turkey will require tankers carrying petroleum products through the Turkish straits to have a valid Protection and Indemnity (P&I) insurance cover as of February 6, a day after the EU embargo on seaborne imports of Russian oil products comes into effect.   The EU hopes to have in place price caps on Russian petroleum products in time for the embargo. Similarly to the $60 per barrel price cap on Russian crude, a price cap on products would allow buyers to use Western insurance services if they buy the products at or below the set price…